The World’s Top 100 Non-Financial MNEs from Developing and Transition Economies Ranked by Foreign Assets

The World’s Top 100 Non-Financial MNEs from Developing and Transition Economies based on Foreign Assets in 2018* are listed in the table below:

Ranking based on Foreign assetsCorporationHome economyIndustry
1CK Hutchison Holdings LimitedHong Kong, ChinaRetail Trade
2China National Petroleum Corp (CNPC)ChinaMining, quarrying and petroleum
3Hon Hai Precision IndustriesTaiwan Province of ChinaElectronic components
4Sinopec - China Petrochemical CorporationChinaPetroleum Refining and Related Industries
5Samsung Electronics Co., Ltd.Korea, Republic ofCommunications equipment
6China COSCO Shipping Corp LtdChinaTransport and storage
7Tencent Holdings LimitedChinaComputer and Data Processing
8China National Offshore Oil Corp (CNOOC)ChinaMining, quarrying and petroleum
9Sinochem GroupChinaChemicals and Allied Products
10China National Chemical Corporation (ChemChina)ChinaChemicals and Allied Products
11Huawei Technologies Co, LtdChinaCommunications equipment
12Petronas - Petroliam Nasional BhdMalaysiaMining, quarrying and petroleum
13Trafigura Group Pte LtdSingaporeWholesale Metals and Minerals
14Saudi AramcoSaudi ArabiaMining, quarrying and petroleum
15State Grid Corporation of ChinaChinaElectricity, gas and water
16Formosa Plastics GroupTaiwan Province of ChinaChemicals and Allied Products
17Legend Holdings CorporationChinaComputer Equipment
18América Móvil SAB de CVMexicoTelecommunications
19Tata Motors LtdIndiaMotor Vehicles
20China Communications Construction Company LtdChinaConstruction
21Vale SABrazilMining, quarrying and petroleum
22Hanwha CorporationKorea, Republic ofWholesale Petroleum and Fuels
23China Minmetals Corp (CMC)ChinaMetals and metal products
24Jardine Matheson Holdings LtdHong Kong, ChinaWholesale Durable Goods
25Aluminum Corporation of China (Chalco)ChinaMining, quarrying and petroleum
26Singapore Telecommunications LtdSingaporeTelecommunications
27Naspers LtdSouth AfricaTelecommunications
28Wilmar International LimitedSingaporeFood & beverages
29Geely (Zhejiang Geely Holding Group)ChinaMotor Vehicles
30China State Construction Engineering Corp Ltd (CSCEC)ChinaConstruction
31CapitaLand LtdSingaporeConstruction
32Guangzhou Yuexiu Group Co., Ltd.ChinaConstruction
33Hyundai Motor CompanyKorea, Republic ofMotor Vehicles
34Cemex S.A.B. de C.V.MexicoBuilding materials
35Fosun International LimitedChinaMetals and metal products
36New World Development LtdHong Kong, ChinaConstruction
37Sun Hung Kai Properties LtdHong Kong, ChinaConstruction
38Lukoil OAORussian FederationPetroleum Refining and Related Industries
39Shougang GroupChinaMetals and metal products
40China North Industries GroupChinaOther Transportation Equipment
41First Pacific Company LtdHong Kong, ChinaFood & beverages
42China Power Construction Group Co., Ltd. (PowerChina)ChinaConstruction
43Sasol LimitedSouth AfricaChemicals and Allied Products
44Lenovo Group LtdChinaComputer Equipment
45Gazprom JSCRussian FederationMining, quarrying and petroleum
46Oil and Natural Gas Corp LtdIndiaMining, quarrying and petroleum
47Midea Group Co LtdChinaElectric equipment
48Ooredoo QSCQatarTelecommunications
49China Three Gorges CorpChinaElectricity, gas and water
50Genting BhdMalaysiaHotels and restaurants
51Weichai Holding Group Co., Ltd.ChinaIndustrial and Commercial Machinery
52China General Nuclear PowerChinaElectricity, gas and water
53Etisalat - Emirates Telecom Corp.United Arab EmiratesTelecommunications
54Quanta Computer IncTaiwan Province of ChinaComputer Equipment
55Dalian Wanda GroupChinaConstruction
56POSCOKorea, Republic ofMetals and metal products
57Fomento Economico Mexicano SABMexicoFood & beverages
58SK Holdings Co LtdKorea, Republic ofPetroleum Refining and Related Industries
59JBS SABrazilFood & beverages
60Abu Dhabi National Energy Co PJSC (TAQA)United Arab EmiratesElectricity, gas and water
61DP World LimitedUnited Arab EmiratesTransport and storage
62HNA Technology Co LtdChinaElectronic components
63Mobile Telecommunications Company KSC (Zain)KuwaitTelecommunications
64YTL Corporation BhdMalaysiaConstruction
65Pegatron CorporationTaiwan Province of ChinaComputer Equipment
66Flex LtdSingaporeElectronic components
67Sabic - Saudi Basic Industries Corp.Saudi ArabiaChemicals and Allied Products
68MTN Group LtdSouth AfricaTelecommunications
69Haier Smart Home Co LtdChinaHousehold Appliances
70CLP Holdings LtdHong Kong, ChinaElectricity, gas and water
71Shangri-La Asia LtdHong Kong, ChinaHotels and restaurants
72Hindalco Industries LtdIndiaMetals and metal products
73Yankuang Group Co., Ltd.ChinaMining, quarrying and petroleum
74Cofco CorpChinaFood & beverages
75WH Group LimitedHong Kong, ChinaFood & beverages
76Hyundai MobisKorea, Republic ofMotor Vehicles
77Galaxy Entertainment Group LtdHong Kong, ChinaHotels and restaurants
78RosneftRussian FederationMining, quarrying and petroleum
79Kia MotorsKorea, Republic ofMotor Vehicles
80Shenzhen International Holdings LimitedHong Kong, ChinaTransport and storage
81Ternium SAArgentinaMetals and metal products
82Axiata Group BhdMalaysiaTelecommunications
83Doosan CorpKorea, Republic ofElectronic components
84China Huaneng GroupChinaElectricity, gas and water
85Olam International LtdSingaporeFood & beverages
86Sembcorp Industries LimitedSingaporeElectricity, gas and water
87Grupo Bimbo SAB de CVMexicoFood & beverages
88Beijing Capital Group Co., Ltd.ChinaElectricity, gas and water
89China Energy Engineering CorporationChinaElectricity, gas and water
90LG Electronics Inc.Korea, Republic ofConsumer electronics
91Pou Chen CorpTaiwan Province of ChinaTextiles, clothing and leather
92Wistron CorpTaiwan Province of ChinaComputer Equipment
93China Molybdenum Co LtdChinaMining, quarrying and petroleum
94Bharti Airtel LimitedIndiaTelecommunications
95IHH Healthcare BerhadMalaysiaHealth care services
96Keppel Corp LtdSingaporeOther Transportation Equipment
97Steinhoff International Holdings LtdSouth AfricaRetail Trade
98Infosys LimitedIndiaComputer and Data Processing
99Compal Electronics IncTaiwan Province of ChinaComputer Equipment
100Empresas COPEC SAChileWholesale Petroleum and Fuels

* – Data corresponds to the financial year from 1 April 2018 to 31 March 2019.

Source: World Investment Report 2020, UNCTAD

A few observations:

  • 44 out of the 100 firms listed above are from China (incl. HongKong)
  • The small country of Taiwan is represented by 7 firms mostly from the computer and tech hardware sector

Disclosure: No Positions

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